Investec caught out by tough market conditions

Shares in FTSE 250 financial services firm Investec (LON:INVP) dropped by 6.70% to 456.60p (as of 14:00 BST) after it said that challenging market conditions meant that its first-half revenues would below the prior period. Management said that assets under management were up by 6.7% and that the proposed demerger and separate listing for Investec Asset management was on track.

The company now estimates that adjusted earnings per share for the six months ending 30th September will be 4-7% lower than during the previous period.